October 20, 2023 By: Atanu Roy
In an industry where patient well-being is paramount, healthcare providers, payers, MedTech, and Life Sciences organizations are constantly surrounded by periodical and stringent regulatory compliances. Hence the necessity for continuous compliance monitoring has never been more critical. The State of Ransomware in Healthcare 2022 survey revealed a staggering 66% of healthcare organizations fell victim to ransomware in 2021 with an average remediation cost of $1.85 million. This represents the second-highest average cost compared to all sectors.
Furthermore, the 2022 Verizon Data Breach Investigations Report highlighted the prominent role of human error in cybersecurity breaches. A striking 82% of breaches recorded over a 12-month period were attributed to human error, demonstrating its substantial influence, which is 2.5 times more likely compared to malicious behaviors.
Given these alarming statistics, Continuous Compliance is no longer a luxury but an absolute MUST. By leveraging the everchanging fast-paced technology evolution, HCPs can consistently adhere to regulatory demands, reducing risks and restricting pilferage of critical PHI data. Regular assessment and audits play a crucial role in adhering to regulatory compliance and being more proactive in addressing any leakage of data. To facilitate this process, Intelligent Compliance Management Solutions offers the tool that is necessary to maintain continuous compliance in an ever-changing landscape of healthcare regulations. This solution not only mitigates risks but also fosters a culture of continuous improvement in healthcare institutions.
Challenges in Traditional Healthcare Compliance Monitoring
Traditional healthcare compliance audits often lead to significant disruption in the normal functioning of healthcare facilities due to unforeseen demands of manual effort to be compliant. For instance, staff may be pulled away from their primary responsibilities to assist with the audit process, potentially impacting patient care. Moreover, traditional compliance audits usually provide only a limited snapshot of a healthcare organization’s compliance status at a specific point in time. This approach misses the ongoing, day-to-day compliance operations that take place between audits. A 2022 report by the U.S. Department of Health and Human Services pointed out that almost 10% of compliance issues in healthcare organizations were not detected in their most recent audit, highlighting the limitations of periodic audits.
Continuous Compliance – Why is it need of the hour?
Automation-led Healthcare compliance is a mechanism that allows healthcare organizations to maintain adherence to regulatory standards and ensure the highest level of secured service quality without compromising on the PHI data. Achieving this involves several key aspects:
- Real-Time Visibility and Action: This solution can be achieved through Hyperautomation leveraging tools & technologies like AI/ML, Low-Code/No-Code, Generative AI, NLP, etc. in healthcare that offers real-time status on assets and security controls. As a part of intelligent compliance, these tools are not only capable of proactively alerting issues/incidents but also can remediate them automatically to resolve issues without the need for human intervention. The real-time information provided in this manner supports better decision-making, an essential feature for managing healthcare’s intricate systems and procedures.
- Enhanced Security:Continuous compliance helps minimize system vulnerabilities and identify potential risks. Subsequently, it aids in the establishment of controls to manage these efficiently. This action fortifies the organization’s security stance, which is paramount in today’s landscape marked by increasing cybersecurity threats and stringent regulations like HIPAA, SOC2 TYPE2 etc.
- Simplified Audit Readiness: Compliance monitoring in the healthcare sector facilitates audit readiness by guaranteeing data availability and simplifying report-generation processes. Preparing for audits can often be resource intensive. However, with Automation- Led Healthcare Compliance, such as Posture Management, Log Analytics, the burden on the organization is significantly reduced.
- Competitive Advantage:
Continuous compliance can give a healthcare organization a competitive edge. It not only fosters trust among patients and other customers but also allows for prompt responses to audit requests, thereby bolstering customer retention. Compliance Management Solutions ensures that the organization remains competitive in the marketplace and can provide dependable compliance services in line with regulatory compulsions.
Adopting a “Compliance First” Approach
In today’s ever-changing healthcare landscape, adopting a “Compliance First” approach is not just necessary, but it is a strategic move that paves the way for long-term success. By prioritizing intelligent compliance, healthcare providers not only build trust and reliability but also enhance patient satisfaction, solidifying their position in the competitive marketplace.
Automated solutions play a crucial role in streamlining operations, minimizing mistakes, and ensuring consistent adherence to regulations. JK Tech’s Automation- led Compliance solution exemplifies this transformation by offering robust, user-friendly, and composable business tools for healthcare organizations. These tools not only make compliance seamless but also empower healthcare institutions to quickly adapt to future regulatory changes, positioning them for enduring success.
Intelligent Compliance goes beyond meeting regulations. It is about driving quality, nurturing trust, and preparing the ground for sustained growth in the healthcare sector.